Newell Brands Inc. (NWL) Lowered to Neutral at J P Morgan Chase & Co
Newell Brands Inc. (NYSE:NWL) was downgraded by equities research analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a report released on Thursday, Marketbeat Ratings reports. They presently have a $63.00 price objective on the stock, up from their prior price objective of $56.00. J P Morgan Chase & Co’s price target suggests a potential upside of 54.49% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on NWL. Oppenheimer Holdings, Inc. reiterated a “hold” rating and set a $42.00 price objective on shares of Newell Brands in a research note on Tuesday. Zacks Investment Research upgraded Newell Brands from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, August 1st. Jefferies Group LLC reiterated a “buy” rating and set a $65.00 price objective (down previously from $66.00) on shares of Newell Brands in a research note on Monday, August 7th. BMO Capital Markets set a $51.00 price objective on Newell Brands and gave the stock a “hold” rating in a research note on Saturday, August 5th. Finally, BidaskClub cut Newell Brands from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. Newell Brands presently has an average rating of “Buy” and an average price target of $54.46.
Newell Brands (NYSE:NWL) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). Newell Brands had a return on equity of 11.47% and a net margin of 7.87%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.71 billion. During the same quarter in the prior year, the company earned $0.78 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis.
Newell Brands announced that its Board of Directors has approved a share buyback plan on Tuesday, September 26th that permits the company to repurchase $256.00 million in shares. This repurchase authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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In other news, Director Scott S. Cowen acquired 2,000 shares of Newell Brands stock in a transaction on Monday, September 11th. The stock was purchased at an average price of $43.60 per share, with a total value of $87,200.00. Following the completion of the purchase, the director now owns 87,883 shares of the company’s stock, valued at approximately $3,831,698.80. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael B. Polk acquired 5,000 shares of Newell Brands stock in a transaction on Wednesday, September 13th. The stock was purchased at an average cost of $43.61 per share, with a total value of $218,050.00. Following the purchase, the chief executive officer now directly owns 609,296 shares of the company’s stock, valued at approximately $26,571,398.56. The disclosure for this purchase can be found here. Insiders acquired 7,100 shares of company stock valued at $309,715 in the last three months. Insiders own 0.97% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. BDO Wealth Advisors LLC acquired a new stake in Newell Brands in the second quarter valued at approximately $107,000. Harfst & Associates Inc. grew its stake in Newell Brands by 14.4% in the second quarter. Harfst & Associates Inc. now owns 2,502 shares of the company’s stock valued at $134,000 after acquiring an additional 315 shares during the period. BB&T Investment Services Inc. acquired a new stake in Newell Brands in the second quarter valued at approximately $143,000. Oppenheimer Asset Management Inc. acquired a new stake in Newell Brands in the first quarter valued at approximately $156,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Newell Brands by 52.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,164 shares of the company’s stock valued at $169,000 after acquiring an additional 1,088 shares during the period. 92.24% of the stock is owned by hedge funds and other institutional investors.
About Newell Brands
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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